By Masauso Mkwayaya
Zambia has been ranked the third most attractive mining investment destination in Africa, according to the 2025 Fraser Institute Annual Survey of Mining Companies.
The country ranks behind Botswana and Morocco on the continent. Globally, Zambia has moved up to 25th place on the Investment Attractiveness Index from 28th in the previous survey.
Zambia’s score on the index has risen to 72.84, pointing to growing investor confidence in the country’s mineral potential and policy environment.
The Canadian-based Fraser Institute survey assessed 68 jurisdictions worldwide and involved 256 mining executives. The executives represent companies with combined exploration spending of about 4.2 billion US dollars.
The Investment Attractiveness Index combines mineral potential and policy perception factors. These include regulatory stability, taxation, legal systems, infrastructure, political stability, labour frameworks and administrative certainty.
The survey also shows that Zambia has improved on the Policy Perception Index, rising to 30th globally with a score of 74.96 from 38th in the previous survey.
The report, however, notes that further improvements are needed in areas such as trade-related processes, security perceptions and labour regulatory clarity.
Under the Best Practices Mineral Potential Index, Zambia scored 71.43, ranking 20th globally and sixth in Africa. The ranking reflects the competitiveness of the country’s copper, cobalt, gold and emerging critical mineral resources.
Finance and National Planning Minister SITUMBEKO MUSOKOTWANE says the improved ranking reflects the reform agenda under the leadership of President HAKAINDE HICHILEMA.
Dr. MUSOKOTWANE says the results are a product of efforts to restore macroeconomic stability, strengthen fiscal discipline and promote private sector-led growth.
He says government has worked to align policies across institutions, restore budget credibility, improve regulatory clarity and strengthen engagement with investors.
Dr. MUSOKOTWANE says Zambia’s policy direction has attracted about 12 billion US dollars in mining investments since 2021.
